According to the open banking market analysis by Future Market Insights (FMI), the demand registered in the market will increase at a healthy CAGR of 23.2% from 2022 to 2032.
According to the open banking market analysis by Future Market Insights (FMI), the demand registered in the market will increase at a healthy CAGR of 23.2% from 2022 to 2032.
The report states that the market is expected to reach a valuation of ~US$ 19.6 Billion by the end of year 2022 and ~US$ 158.6 Billion by 2032. According to FMI, the open banking market is growing as a result of the spike in the utilization of online payment platforms. The transforming payment ecosystem, increasing usage of e-commerce platforms, enhancing broadband connectivity, and the increasing adoption of application programming interface are contributing to the market development.
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Online services such as Paypal, Zelle, and Venmo utilize payment gateway like APIs to control recurring billing, and these application programming interface are mostly utilized in open banking payments. As a consequence, the open banking market is anticipated to grow over the predicted period.
With so much competition increasing in the market many banks and financial institutions are forced to build and enhance their offerings. Various banks are developing new mobile applications, providing easy investment chances, and shifting their services to the online world. Thus, the growing usage of online payment platform is contributing to the market development.
Key Takeaways: Open Banking Market
“The use of open banking systems is anticipated to rise as a result of the continuing modernization of technology and the ensuing growth in the use of big data analytics and artificial intelligence. In the open banking sector, big data analytics are utilized to customize the offerings and enhance the user experience, which is anticipated to increase customer retention over the forecast period.” says FMI analyst.
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Open Banking offers features such as it provides Quicker Access to Credit and Financing Procedure this factor is Driving the Market Growth
One of the major advantages offered by the open banking is that it provides diversity of credit services to which customer can apply. By utilizing open banking, companies that provide loans will offer credit offers much quicker, helping customers get the money they require at the right time they need it.
Many companies are utilizing open banking systems to develop their models and grow the amount of credit they provide to customers almost instantly. But it’s not only for traditional credit models, as these models supports to assist and develop new products. Thus, the benefits offered by the open banking is expected to drive the market demand.
More Valuable Insights on Open Banking Market
Future Market Insight’s report on open banking research is segmented into four major sections – services (banking and capital markets, payments, digital currencies, and value added services), deployment mode (cloud, and on-premises), and distribution channel (bank channels, apps market, distributors, and aggregators), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the open banking outlook.
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Open Banking Market Outlook By Category
By Services, Open Banking Market is segmented as:
By Deployment Mode, Open Banking Market is segmented as:
By Distribution Channel, Open Banking Market is segmented as:
By Region, Open Banking Market Sales is segmented as:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Apr 10, 2023